China: Stocks up for fifth day on reform moves

[SHANGHAI] China stocks rose for the fifth straight day on Friday, capping their best week in nearly two months, as fresh reform measures helped sustain sentiment in thin trade ahead of the Lunar New Year holiday.

Mainland stocks rose after China's central bank allowed firms operating within the Shanghai free trade zone to borrow funds without having to go through complicated regulatory hurdles, fuelling hopes that further reforms would inject vigour into the sluggish economy.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 0.8 per cent, to 3,469.83, while the Shanghai Composite Index gained 1.0 per cent, to 3,203.83 points.

For the week, the CSI300 rose 4.8 per cent, while the Shanghai Composite advanced 4.2 per cent.

Total volume of A shares traded in Shanghai was 26.0 billion shares, while Shenzhen volume was 16.7 billion shares.

REUTERS